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Overseas Property News
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Investors to yield a better return in Australia
Country: Australia
16 February 2009
A rise in the number of investment properties whose rental income exceeds mortgage payments will prompt more investors, most notably buy-to-let investors, to purchase property in Australia, according to reports in the Australian press this morning.
Recent cuts in Australian interest rates have significantly lowered mortgage borrowing costs, while rents are rising, particuarly in parts of Sydney and Melbourne.
“There is a real possibility we will see positively geared properties emerging this year in the affordable markets of the southern capitals,” said SQM Research managing director Louis Christopher. “Vacancy rates are still very tight at the affordable end of the market so rents will continue to rise in the sector in 2009, further boosting returns for investors.”
Mr Christopher said that some of the greatest rental yields will be achieved in small inner-city apartments or cheaper outer suburbs, such as Bankstown in Sydney's southwest.
There has been a recent surge in demand for homes in Sydney. Over the the weekend, 66% of all properties auctioned in Sydney were sold, up from 53% on the same weekend last year.
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